Palantir Technologies Inc. (NYSE: PLTR) shares are trading higher Wednesday after Investor’s Business Daily reported the stock as a new long idea.
The company has traded along an uptrend for the past few weeks and now looks to be breaking out of a pattern.
Palantir Technologies was up 5.47% at $25.28 at market close Wednesday.
Palantir Technologies Daily Chart Analysis
The stock looks to be breaking out of what technical traders call an ascending triangle pattern.
The stock trades above both the 50-day moving average (green) and the 200-day moving average (blue), indicating the sentiment in the stock is likely turning bullish.
Each of these moving averages may hold as a potential area of support in the future.
The $25 price level has held as resistance multiple times in the past, but now the stock may be breaking out past this level.
The Relative Strength Index (RSI) has been moving up the past couple of weeks and now sits at 64. This shows buyers are moving into the stock and causing it to start to rise.
What’s Next For Palantir Technologies?
Bullish traders are looking to see the stock breakout and push higher. Then bulls would like to see the stock consolidate above resistance for a potential next leg up.
Bearish traders would like to see the stock fall below the higher low trendline and be able to hold below it. The stock could possibly see a bearish push if this happens.
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